Egypt Keen to Partner with Int'l Institutions in Energy, Water, and Food Security Fields, Says Finance Min.

Minister of Finance Ahmed Kouchouk stressed that Egypt looks forward to play a decisive and influential role in ensuring the sustainability of financial conditions and bridging the gap between ambitions and capabilities, explaining that collective international action drives efforts to build an "ambitious climate finance structure" that is more responsive to emerging economies.

The minister of finance said, at the meeting of the "Coalition of Finance Ministers for Climate Action" in Azerbaijan: "There should be a greater role for financial institutions, international partners and the private sector in driving climate investments in developing countries," stressing that a balance must be achieved between development and climate goals, and taking into account the differences in priorities, needs and capabilities of countries.

Kouchouk added that there must be global financial mechanisms that provide concessional financing with diverse and innovative tools that help reduce risks in developing countries, pointing to the need to maximize the benefit from risk-sharing tools such as "guarantees" and insurance mechanisms to increase investment flows towards national goals.

He explained that Egypt is looking forward to a partnership with international institutions and investors to enhance investment in the fields of energy, water and food security.

He noted that Egypt has issued “green bonds” within the “sustainable sovereign financing framework” for climate projects, and further seeks to diversify instruments and markets. "We have already used the proceeds of green bonds to finance renewable energy initiatives, clean transportation, water and sanitation," he pointed out.